Personal loans can generally be used for a variety of purposes and may also be a quick solution for taking control of your financial situation in cases of short-term financial emergencies. One common example of a personal loan is an installment loan that is paid off in regularly scheduled payments over a period of several months (depending on the state you reside in and the lender) with interest and/or fees. This time range may be shorter or longer depending on the product as well. There are also other types of personal loans, like personal lines of credit and payday loans.
You may be eligible to receive an online personal loan of up to $3,500 through MoneyKey. The loan amount you may be able to qualify for will depend on various factors such as your income, the maximum loan amount permitted by your state, and other criteria. To view the loan amount available in your state, see our Products & Services Page.
Installment loans are personal loans that are paid back in scheduled installments over a pre-determined span of time. If you receive approval for an online Installment Loan through MoneyKey, you may get the loan amount deposited in your bank account the same business day*. The loan term varies by state and may range between 6 and 12 months.
An Installment Loan through MoneyKey can be used for a variety of unexpected things like essential home and car repairs and emergency medical expenses. Repayment terms will vary by state.
Installment Loan Summary (varies by state/pay frequency)
Loan Amount: $200 to $2,500
Funding: Next business day funding*
Repayment: Bi-weekly, semi-monthly or monthly installments
Loan Term: 6 - 12 months
Pre-Payment Available: Yes
A line of credit is a form of revolving credit. Unlike a traditional payday or installment loan, a line of credit is a personal loan that remains active even after you’ve paid down what you’ve borrowed from your credit limit. You can draw the entire amount or smaller amounts over time, as long as you have available credit and your account is in good standing. Interest and/or fees are only charged on the amount of money you draw, not your entire credit limit.
A Line of Credit through MoneyKey can be used for unexpected expenses that may occur in your day-to-day life. The specific terms of this online personal loan, including fees and/or interest, will vary across the states where the product is offered.
There are two types of Lines of Credit offered through the MoneyKey website: the MoneyKey Line of Credit and the CC Flow Line of Credit provided by CC Flow, a division of Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC.
Line of Credit Summary (varies by state/pay frequency)
Loan Amount: $200 to $3,500†
Funding: Same business day funding*
Repayment: Bi-weekly, semi-monthly or monthly payments
Draw Option: Request draws as needed, from your available credit**.
Loan Term: Open-ended
Pre-Payment Available: Yes
Payday loans are small-dollar personal loans that are typically paid back in full on your next pay date. Payment will include the principal loan amount and a finance charge. This kind of online personal loan may be used for unexpected expenses like emergency car repairs or other non-recurring bills between your pay dates.
It’s important to remember that payday loans are meant for short-term use only and are not a long-term financial solution.
Payday Loans, previously offered in California, are no longer available through MoneyKey. If you don’t live in California, please check our rates page to see if other online loans such as Installment Loans or Lines of Credit are available in the state that you currently live in.
Personal loans are not necessarily restricted to individuals with high credit scores. While it may be difficult to find low interest personal loans online, some financial institutions offer personal loans that may not require an excellent credit score to get approval, as long as you meet certain approval requirements.
MoneyKey may be able to lend money to individuals with bad credit. If your online personal loan applications have been turned down due to bad credit, trying to get a personal loan online by applying through MoneyKey may be one option.
Financial emergencies are often sudden, unexpected, and require immediate or short-term payment. At MoneyKey, we understand the pressure you may be under to pay for a medical emergency, or finish an urgent home or car repair. Our goal is to provide you with the cash you need as quickly as possible in case of an emergency. If your personal loan application is approved, you may receive your money the same business day*. Apply for a quick personal loan online through our simple application process or speak to a member of our Customer Care team today!
Personal loans will generally fall into one of two categories; they can be secured or unsecured. The main distinction between these two classifications is what it takes to qualify for them. There also may be some differences in the rates you’ll see with either type. Let’s take a look at these different types of online personal loans a little closer.
If you’re looking to qualify for a secured personal loan online, you’ll need to provide collateral to whichever financial institution you want to apply for an online personal loan with. Collateral is essentially some sort of valuable asset that you’re agreeing to give to a financial institution if you’re not able to make your personal loan payments. So this way they’ll have some security in knowing that if you default on your loan, they’ll still get something of value.
What you end up pledging as collateral will change depending on the type of personal loan and/or the lender you’re working with. For example, if you’re looking to buy a house, you’ll need to put up the equity in the home you’re buying as collateral. If you need an auto loan to help you buy a car, the collateral in this case would typically need to be the car you’re buying.
Generally speaking, the rates you’ll see for secured personal loans with online approval may be lower than you’d find in unsecured loans. As mentioned above, this is because of the safety net that collateral gives to the lender.
The main difference with unsecured easy personal loans online is that you won’t need to provide collateral to qualify. A financial institution will instead focus on other requirements to ensure that they’re not lending money to someone who has proven to be an unreliable borrower in the past. We should note that in this case, “easy” refers to the straightforward and simple nature of the application process.
These qualifications may vary depending on the financial institution you’re trying to apply for an online personal loan with, but there’s typically some overlap. To start with, your credit score may come into play during this process. This number distills many of the factors that determine your reliability as a borrower and puts it into a score to help online personal loan companies make their decisions. A financial institution might also closely consider your income, employment, and your state of residence.
While you won’t need to risk an asset to get approval for an unsecured personal loan, generally, it may be harder to find unsecured low interest personal loans online.
If you know you have some sort of upcoming expense – whether it’s a discretionary purchase or a due date for a bill that’s been on your calendar for a long time – your first option should always be to save your money in advance and avoid taking on extra debt. But we’re not always granted the gift of foresight. Depending on the situation, such as an emergency, an online personal loan may be your only option. Having said that, you should never apply for one lightly.
Different types of personal loans may be better suited (or specifically intended) for different purposes, so it’s important to understand the different scenarios where one may be appropriate, and then to match your need up with the right type of personal loan. Easy online personal loans can be useful when:
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With both types of personal loans, if you manage to get approval, you’ll be provided with the money you need to cover an unexpected emergency expense, with the main differences being the loan term of an installment loan versus a payday loan. The payment for a payday loan is typically due in a lump sum on your next pay date, whereas with an Installment Loan through MoneyKey, you’ll repay your loan through a number of scheduled payments which are typically set up to land on your pay dates.
Whether an installment loan is categorized as a short- or long-term personal loan is dependant on the loan amount and repayment term. If a personal loan is paid off within the span of a few months, it’s generally considered to be short-term. You would typically use these loans to handle unexpected emergency expenses like medical bills or home maintenance costs when you don’t have the savings to cover them. The length of a long-term installment loan, such as a mortgage, is typically 20 to 30 years long, depending on the loan amount and the repayment term. Unlike most short-term installment loans, long-terms loans are usually secured and require collateral.
Trying to apply for online personal loans from a direct lender or servicer may be an option for people with poor credit. There may be no minimum credit score requirement. Some online personal loan companies may give approval for a personal loan if you have:
Personal loans offered through MoneyKey may be available to those with bad credit. Start your application today.
MoneyKey is a state-licensed direct lender of personal loans in Delaware, Idaho, Kansas, Mississippi, Missouri, New Mexico, Tennessee, Utah and Wisconsin.
To learn more about online personal loans direct lenders, click here.
In Texas, MoneyKey is not the direct lender but is licensed as a Credit Services Organization (CSO) and a Credit Access Business (CAB). In this state, loans are funded by a third-party lender and serviced by MoneyKey.
The CC Flow Line of Credit is provided by CC Flow, a division of Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC. Consumers can apply for a CC Flow Line of Credit through the MoneyKey website. The CC Flow Line of Credit is currently offered through MoneyKey in Alabama, Alaska, Arizona, Arkansas, Florida, Hawaii, Indiana, Kentucky, Louisiana, Michigan, Minnesota, Montana , Oklahoma, and Wyoming.
When you borrow from a direct lender, such as MoneyKey, the process of applying for personal loans for bad credit is simple, quick, and straightforward.
At MoneyKey, we understand the importance of speed when you’re dealing with an unexpected emergency expense. That’s why it only takes a few minutes to submit the online application, which is available for you to fill out 24 hours a day, 7 days a week. If you receive approval, you may receive your funds as soon as the same business day*.
MoneyKey has served more than 400,000 customers since 2011. There are several benefits in choosing personal loans for bad credit that are offered through our website:
We encourage you to use our products and services responsibly.
If you’d like to learn more about easy personal loans online with straightforward applications, you can visit our Articles section and Blog page. There you’ll find information on different types of loans, how and when to apply, and different aspects of the borrowing process. You’ll also find helpful tips on budgeting and how to manage your finances.
As a direct lender and a credit services provider, MoneyKey offers or arranges personal loans in:
The CC Flow Line of Credit is currently offered through MoneyKey in: